- Quick and Reliable
Changing your business name requires mandatory legal updates with the Inland Revenue Department (IRD). Present Consultants Private Limited provides seamless, professional assistance for a smooth transition, ensuring strict adherence to the statutory requirements of the Income Tax Act, 2058 for comprehensive Tax Compliance in Nepal.
₨ 10,000.00
When a firm or entity updates its legal identity, updating the records at the Inland Revenue Department (IRD) is a mandatory regulatory procedure. Under the framework of Tax Compliance in Nepal, a change in the business name requires a systematic update of your Permanent Account Number (PAN) and Value Added Tax (VAT) certificates. The procedural method involves verifying the amended registration documents from the competent registering authority—such as the Office of the Company Registrar (OCR) or the Department of Commerce—and formally submitting an online and physical amendment request to your designated Inland Revenue Office (IRO). This process ensures that your tax profiles align accurately with your active corporate identity.
Under Chapter 15 of the Income Tax Act, 2058, taxpayers are legally obligated to maintain accurate and updated registration details with the tax administration. Specifically, when a business alters its registered name, it must notify the Inland Revenue Department within the prescribed timeline. This directive ensures that all tax invoices, accounting records, and withholding certificates required under Section 81 (Obligation to Maintain Records) remain authentic and valid. Our premier business consultancy Kathmandu handles this alignment in strict accordance with the Income Tax Regulations, 2059, making sure the official IRD portal and your physical PAN/VAT certificates accurately mirror the modified corporate name.
Failure to timely update a name change with the IRD constitutes a direct violation of compliance procedures under the Act. Pursuant to Section 119Ka of the Income Tax Act, 2058, any person who fails to comply with the duties or specific procedures prescribed under the Act or the Rules made thereunder—where no separate penalty is explicitly provided—is liable to a fine ranging from Rs. 5,000 to Rs. 25,000. Furthermore, operating under an unaligned business name can lead to the rejection of your tax invoices, complications in Tax Deduction at Source (TDS) claims under Section 90, and potential delays in obtaining a clear Tax Clearance Certificate (TCC).
